First Federal Lakewood (FFL) is currently offering a promotional 2.68% APY on new Select Money Market Accounts, with a one-year rate guarantee. The minimum opening deposit is $25k of new money, defined as funds “not currently on deposit with First Federal Lakewood.” There is a $1m deposit limit per household.
Promotional Rate Details
- Only one promotional rate per household.
- $25k minimum balance required to earn the promotional 2.68% APY.
- There is a $15 monthly service fee that can be waived if a $25k minimum average daily balance is maintained.
- There is a $5 fee for each transfer beyond the first six fee-free transfers during a statement cycle.
- Check writing is available, with a $500 minimum per check.
- If the account is closed within the first 365 days, a $50 Early Closeout Fee may be assessed.
- After 365 days, all rate tiers will revert to the APYs being offered on the regular Select Money Market Account at that time.
It’s important to note that the current Select Money Market rates are low – the top-tier rate is only 0.45% APY ($100k minimum). It’s quite likely that the rate(s) will be substantially lower following the twelve-month rate guarantee period. Caveat emptor./
Thanks to DA reader, DirtFarmer, for his Forum post about Select Money Market promotional rate.
Headquartered in Lakewood, Ohio, First Federal Lakewood offers it services and product line to all residents of Ohio, 18 years or older.
Opening a Money Market Account can be done online, or at any of the 18 northeast Ohio branches located in Avon, Avon Lake, Brunswick, Chagrin Falls, Cleveland, Fairview Park, Garfield Heights, Lakewood, North Ridgeville, North Olmsted, North Royalton, Olmsted Falls, Painesville, Parma, Rocky River, Strongsville, and Westlake (2).
First Federal Lakewood has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 2.41% (excellent) based on December 31, 2018 data. In the past year, the Bank has increased its total non-brokered deposits by $133.94 million, an excellent annual growth rate of 9.89%. Please refer to our financial overview of First Federal Lakewood (FDIC Certificate # 29488) for more details.
Founded in 1935 as the First Federal Savings and Loan Association, First Federal Lakewood is Ohio’s largest independent depositor-owned bank, with assets in excess of $1.9 billion. Almost four years ago, the Bank reorganized as a mutual holding company structure. According to a PR Newswire article,
This structure is expected to facilitate diversification, including the possible affiliation with smaller mutual banks. The mutual holding company structure will also provide a platform to capitalize on the bank's financial strength and success, and offer First Federal Lakewood significant long-term operating efficiencies and increased competitiveness.
How the Select Money Market Promo Compares
When compared to the 344 Money Market Accounts tracked by DepositAccounts.com that are available to residents of Ohio, First Federal Lakewood's Select Money Market promotional APY currently ranks first.
The above rates are accurate as of 3/9/2019.
To look for the best MMA rates, nationwide and state specific, please refer to our Money Market Account Rates Table page.